Wall Street brokerages forecast that Tesco Corporation (NASDAQ:TESO) will report $46.17 million in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Tesco Corporation’s earnings, with the lowest sales estimate coming in at $43.30 million and the highest estimate coming in at $47.70 million. Tesco Corporation reported sales of $35.30 million in the same quarter last year, which indicates a positive year-over-year growth rate of 30.8%. The business is expected to issue its next earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that Tesco Corporation will report full year sales of $46.17 million for the current fiscal year, with estimates ranging from $163.40 million to $169.00 million. For the next year, analysts forecast that the firm will post sales of $205.87 million per share, with estimates ranging from $184.80 million to $232.20 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Tesco Corporation.
Tesco Corporation (NASDAQ:TESO) last released its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $40.50 million during the quarter, compared to analysts’ expectations of $43.24 million. Tesco Corporation had a negative return on equity of 16.27% and a negative net margin of 38.60%. Tesco Corporation’s quarterly revenue was up 33.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.37) EPS.
A number of brokerages have commented on TESO. B. Riley reissued a “buy” rating on shares of Tesco Corporation in a report on Wednesday, November 1st. Zacks Investment Research cut Tesco Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Seaport Global Securities reissued a “neutral” rating on shares of Tesco Corporation in a report on Wednesday, August 9th. FBR & Co set a $7.00 target price on Tesco Corporation and gave the company a “buy” rating in a report on Wednesday, August 16th. Finally, Cowen and Company set a $5.00 target price on Tesco Corporation and gave the company a “hold” rating in a report on Friday, October 6th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $6.00.
In other news, CEO Fernando Rafael Assing sold 9,293 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $3.80, for a total value of $35,313.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 19,568 shares of company stock valued at $74,212 in the last three months. Insiders own 1.70% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Virginia Retirement Systems ET AL purchased a new stake in shares of Tesco Corporation in the second quarter valued at approximately $105,000. OppenheimerFunds Inc. grew its position in shares of Tesco Corporation by 21.5% in the first quarter. OppenheimerFunds Inc. now owns 13,580 shares of the oil and gas company’s stock valued at $109,000 after purchasing an additional 2,404 shares in the last quarter. Voya Investment Management LLC grew its position in shares of Tesco Corporation by 25.9% in the second quarter. Voya Investment Management LLC now owns 24,546 shares of the oil and gas company’s stock valued at $109,000 after purchasing an additional 5,046 shares in the last quarter. KCG Holdings Inc. purchased a new stake in shares of Tesco Corporation in the first quarter valued at approximately $116,000. Finally, Susquehanna International Group LLP purchased a new stake in shares of Tesco Corporation in the second quarter valued at approximately $128,000. Institutional investors and hedge funds own 79.22% of the company’s stock.
Shares of Tesco Corporation (NASDAQ:TESO) traded down $0.10 during trading on Friday, hitting $3.85. The company’s stock had a trading volume of 324,404 shares, compared to its average volume of 418,155. Tesco Corporation has a fifty-two week low of $3.60 and a fifty-two week high of $9.65.
About Tesco Corporation
Tesco Corporation is a provider of technology-based solutions for drilling, servicing and completion of wells for the upstream energy industry. The Company’s operations consist of top drives and automated pipe handling equipment sales and rentals; aftermarket sales and services, and tubular services, including related products and accessories sales.
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